Life Insurance Is A Waste Of Money...

You waste money on Life Insurance if you:

1. Go directly with insurers
   Your life insurance can be overpriced and your claim has 70% more chances to be rejected.
2. Rely on Search Engines
   Most of the ads and search results for life insurance belongs or have ties with 3 same insurance companies.
3. Conceal your medical history
   If you withhold some details of existing medical conditions or your smoking habits your policy become void.

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What is Life Insurance?

Life insurance protects your family and their lifestyle against hardship that can result from the unexpected.

It's a fact that we are all going to die but the question is when. If death or disability means the family can no longer pay the mortgage, the kids can no longer attend a private school and even the pets have to go, the outcome will be doubly disastrous.

That's where life insurance steps in. It can't change the death or disability status of a loved one but it can ensure there is no further hardship the family is forced to face under stressful circumstances.

Avoid paying "LAZY TAX" - review your policy regularly. Depending on your situation, you can save 30-40% by comparing life insurance companies.

How NOT To Pay More Than You Should?

1. Don't Go Direct!
Always make sure you get quotes from at least 10 leading life insurance companies in Australia. Some companies provide quotes just from the 4-5 "preferred partners" even when they say they compare all 10. And most companies that advertise on TV provide quotes just from their own company.

ASIC's report into life insurance industry found there were higher claims denial rates in relation to insurance policies sold directly to consumers without financial advice and that declined claim rates for direct insurance were at 12% while those for retail insurance were just 7%. That's a 70% difference!

2. Don't Rely on Search Engines!
If you think Search Engine is a solution - beware. Most of the ads and search results for life insurance belongs or have ties with 3 same companies:

• TAL Life - TAL, Virgin Money, Insurance Line, LifeBroker, NRMA, Compare The Market;
• Hollard Insurance - Real Insurance, Choosi, Guardian Insurance, Woolworths Insurance, Medibank;
• Suncorp Life - Suncorp, AAMI, GIO, Asteron Life.

So if you want to find independent companies or advisers you should go much deeper into search results. Way past search page #2.

3. Don't Lie On Your Application!
It might be tempting to withhold some details of existing medical conditions or your smoking habits but it is only likely to see your policy become void in the event of a claim. Insurers are ruthless when investing claims and will go to great lengths to review your medical history and other relevant documentation to see if you’re still eligible.

Don't try to save on your premium that way. After paying insurance premiums you want to be sure your family is going to be paid when they need it most. The golden rule is - if in doubt, disclose!

How much you should be paying for your Life Insurance?
Please select your state:

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Life Insurance Quote Example

For example, the price of $1,000,000 life insurance policy for a 53 year male, non-smoker, working as a manager in NSW would be:

• cheapest - $197.17/monthly;
• most expensive - $240.65/monthly.

That's 22% difference! For some occupations the difference is even bigger!

Women pay less under the same circumstances, however difference in price is also huge - 23.5%:

• cheapest - $135.73/monthly;
• most expensive - $167.59/monthly.